XSONF is one step closer to going private:
Claxson Announces the Closing of the Sale of Its Basic Pay TV Networks to Turner
Thursday October 4, 9:10 am ET
MIAMI & BUENOS AIRES, Argentina--(BUSINESS WIRE)--Claxson (Pink Sheets:XSONF - News), the multimedia company that provides and distributes entertainment content to Spanish and Portuguese audiences around the world, announced today that, after obtaining the relevant anti-trust approval and the completion of other pre-closing conditions, it has closed the sale of its seven Basic Pay TV Networks and related businesses to Turner Broadcasting System, Inc.
The Pay TV Networks acquired by Turner include Space, I.Sat, Retro, MuchMusic, HTV, Infinito and Fashion TV. In addition, Turner assumes sales representation for Claxson and third party-owned networks in Latin America, and will provide related technical services to these networks.
"We are very happy about the completion of this pending transaction with TBS and look forward to working with Turner to grow our remaining networks together," said Roberto Vivo, Claxson's Chairman & CEO. "We have successfully completed the sale of our two major assets and paid off our financial debt. We will now turn our focus on completing our going private transaction or otherwise seek alternative strategic initiatives with the liquidity achieved."
Claxson will maintain its interest in Playboy TV Latin America, Digital Latin America, DMX Latin America and the Broadband and Internet business of its wholly-owned subsidiary ESDC.
The total purchase price for the Pay TV Network business sold to Turner was $234 million and Claxson expects to maintain the net proceeds from the transaction, after deducting transaction expenses and amounts to be held in escrow, in liquid funds in order to complete its going private initiative or seek alternative strategic opportunities.
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